The value of Pi Network appears ready for a significant increase as developers advance the platform towards Protocol 23, while an anonymous whale continues to acquire Pi tokens.
Summary
- The price of Pi Network may be on the brink of a sharp rise in the near future.
- A notable whale has purchased Pi coins valued at more than $134 million.
- Technical indicators imply a possible rebound, potentially hitting $1.
Currently, Pi Coin (PI) is priced at $0.3565, remaining within a narrow range over the past few days. This price is approximately 90% below its peak earlier this year.
One potential catalyst for Pi’s price increase is an unidentified whale who has been accumulating the coin since August. This whale has now collected and transferred 376.9 million tokens, valued at over $134 million.
This whale may be an ordinary investor who perceives Pi Network as undervalued and having substantial rebound potential. Alternatively, they might be an insider privy to critical information that is not available to the public, possibly related to an upcoming token burn.
Additionally, the whale may be connected to a centralized exchange, with insight into a forthcoming token listing. This scenario is likely since Pi Network hasn’t experienced a significant exchange listing since the mainnet launch in February of this year.
Typically, cryptocurrencies witness notable price surges following major exchange listings, such as those from Upbit, Binance, and Coinbase. For example, the Redstone (RED) token recently saw its price double after being listed on Upbit, with other tokens like Story, Omni, and Ethena also experiencing similar increases after their listings.
Meanwhile, the developers of Pi Network are diligently working on enhancements to ensure full compatibility with Stellar’s Protocol 23. In a recent update, they shared their ongoing initiatives to launch Testnet 1 of Protocol 23.
Technical Analysis of Pi Network Price
The daily chart indicates that the price of Pi Coin may be on the verge of a significant bullish breakout. It has formed a symmetrical triangle pattern characterized by two converging lines.
Moreover, the Pi Network token has established a double-bottom pattern at $0.3305, with a neckline located at $0.4650. The Relative Strength Index is at a neutral level of 50, while the Percentage Price Oscillator is nearing the zero line.
Consequently, a major bullish breakout is anticipated, with a potential target at the psychological level of $1. However, this optimistic outlook for Pi Coin could be negated if it falls below the double-bottom level of $0.3300.
